Contactless payments up 150% in last six months
New figures have shown that the number of contactless transactions rose by more than 150% in the last six months.
According to figures released by payment processing company Worldpay, 6.65 million contactless transactions were processed in April 2014 compared to 16.69 million in October 2014. The data also shows that total transaction volumes using contactless have increased by 1,591% in the past two years.
Worldpay says that contactless payments are now close to becoming mainstream.
The figures reveal that London is setting the pace with just under half of all contactless transactions taking place within the M25. However, other cities are catching up with contactless transactions increasing by 286.6% in Bristol and 223.3% in Bournemouth between 2013 and 2014.
Supermarkets dominate the ‘tap and go’ payments market, accounting for 44% of all contactless transactions. Fast food outlets have also taken to contactless in significant number, processing 24% of all transactions.
Dave Hobday, managing director of Worldpay UK, said: “While this is still a relatively new market with just 18% of Brits claiming to possess a contactless card that they use regularly, it is phenomenal how quickly the technology is moving from nice to have to a must in sectors like hospitality, food, entertainment and retail.”
